Three hot stocks in 2024 – Palantir Technologies (PLTR), MicroStrategy (MSTR), and Axon Enterprise (AXON) – will join the Nasdaq 100 index before its Dec. 23 open, according to Nasdaq Inc. The move is largely expected for PLTR.
On the other hand, Moderna (MRNA), Super Micro Computer (SMCI), and Illumina (ILMN) are among the smallest Nasdaq 100 members that may be on their way out due to declining stock performance.
Palantir’s entry into the index comes after switching its listing from the New York Stock Exchange in November. The company’s market cap is over $173 billion, making it one of the largest additions to the index.
MicroStrategy, a money-losing software company, has seen its market cap rise 547% this year due to its significant investments in bitcoin, which recently reached a new record high. This increase contributed to MicroStrategy’s 6% jump in stock price on Monday morning.
Axon Enterprise, maker of Taser products and law enforcement tools, has surged almost 150% in 2024 after the company edged higher on Monday morning.
For mutual funds and ETFs tracking the Nasdaq 100 index, changes in these stocks require significant capital adjustments compared to those following the S&P 500 index.
Source: https://www.investors.com/news/palantir-microstrategy-join-nasdaq-100-moderna-super-micro